LAVAL, QC, May 5 /PRNewswire-FirstCall/ - BELLUS Health Inc. (NASDAQ: BLUS; TSX: BLU, formerly known as Neurochem Inc.) reported results for the first quarter ended March 31, 2008. The Company reported a net loss of $12,902,000 ($0.26 per share) for the quarter, compared to $21,016,000 ($0.54 per share) for the same period the previous year. The decrease in the net loss is mainly due to a reduction in research and development (R&D) expenses, before research tax credits and grants, which amounted to $8,780,000 this quarter, compared to $16,828,000 for the same period the previous year. The decrease in R&D expenses is mainly attributable to a reduction in expenses incurred in relation to the development of tramiprosate (ALZHEMED(TM); homotaurine) for the treatment of Alzheimer's disease, following the Company's decision in November 2007 to terminate the tramiprosate (ALZHEMED(TM)) pharmaceutical drug development program and to take steps to commercialize homotaurine (VIVIMIND(TM)) as a branded nutraceutical.
As at March 31, 2008, the Company had available cash, cash equivalents and marketable securities of $43,448,000, compared to $58,672,000 at December 31, 2007. BELLUS Health is expecting to further reduce its burn rate during fiscal 2008.
Consolidated Financial Results Highlights
The shareholders of Neurochem Inc. approved the change of its name to "BELLUS Health Inc." at the Annual and Special Shareholders' Meeting on April 15, 2008. The new stock ticker symbols, BLUS (NASDAQ) and BLU (TSX), came into use on April 21, 2008.
The Management's Discussion and Analysis (MD&A) provides a review of
the Company's operations, performance and financial position for the
quarter ended March 31, 2008, compared with the quarter ended March 31,
2007. It should be read in conjunction with the Company's unaudited
consolidated financial statements for the three-month period ended March
31, 2008, as well as the Company's audited consolidated financ
|SOURCE BELLUS Health Inc.|
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